Publications

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Date : Jul 31, 2026

Monetary and Credit Information Review

Contents

Sections

I. Regulation

II. Financial Inclusion Index

III. Supervision

IV. Publications

V. Data Releases & Surveys


	Volume XXII \| Issue 4 \| July 2026 MONETARY & CREDIT INFORMATION REVIEW

Note from the Editor

The July issue of the Monetary & Credit Information Review captures a defining moment for the banking sector, marked by the Reserve Bank’s half-yearly meeting with MD & CEOs of Public Sector Banks and select Private Sector Banks on July 14, 2026. The Governor’s call to harness advanced technologies like AI for efficiency, while simultaneously fortifying cybersecurity and internal controls, sets the strategic tone for the path ahead. This balanced approach of innovation and prudence is already reflecting in the deepening of financial inclusion, with the FI-Index for March 2026 climbing to 70.0, driven by a significant uptick in usage. As the financial sector embraces AI, ULI, CBDC, Account Aggregator ecosystem, etc. the overarching focus remains clear: to place the customer at the centre and ensure that technological progress translates into robust and inclusive growth for all segments of the economy.

We remain committed to our goal of sharing accurate information and fostering deeper understanding. The MCIR can be accessed at https://mcir.rbi.org.in as well as by scanning the QR Code. We welcome your feedback at mcir@rbi.org.in.

Brij Raj
Editor

I. Regulation

Governor, Reserve Bank of India meets MD & CEOs of Public Sector Banks and select Private Sector Banks

The Reserve Bank held its half-yearly meeting with the Managing Directors and Chief Executive Officers of Public Sector Banks and select Private Sector Banks in Mumbai on July 14, 2026. The meeting was chaired by the Governor and attended by Deputy Governors Shri Swaminathan J, Dr. Poonam Gupta, Shri Shirish Chandra Murmu and Shri Rohit Jain, along with the Executive Directors in charge of supervision, regulation, enforcement, consumer education and protection, and financial inclusion. In his opening remarks, the Governor acknowledged that the banking sector has witnessed broad-based growth and he urged the banks to continue to meet the needs of all segments and sections of the economy with renewed vigour and prudence.

He suggested banks to leverage advanced technologies, including AI, to expand their reach, improve operational efficiency, reduce costs and enhance customer experience, while ensuring robust cybersecurity, strong internal controls and safeguards against fraud and data misuse. He also stressed the need to cultivate a passion for excellence in customer service by placing customers at the heart of banking operations. Other matters discussed included CKYCR, early detection of FICN, adoption and/or popularisation of MuleHunter, CBDC, ULI, Account Aggregator, FX Retail, Retail-Direct, etc. The participants shared their feedback on these aspects as well as other matters broadly affecting the financial sector.

RBI invites public comments on the draft “Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights) Amendment Directions, 2026”

Based on a review undertaken in light of representations received from Asset Management Companies (AMCs) and in order to simplify the approval process for subsequent acquisitions of major shareholding in a banking company by mutual funds, insurance companies and pension funds, the Reserve Bank of India has released the following draft Amendment Directions on July 14, 2026:

Comments / feedback on the said draft Amendment Directions were sought from the regulated entities and members of public / other stakeholders on or before August 4, 2026. To read more, please click here.

RBI Issues Amendment Directions on ‘Matters to be placed before the Boards of the Banks’

As announced in the Statement on Developmental and Regulatory Policies dated April 8, 2026, the Reserve Bank had issued the draft Reserve Bank of India (Governance) Amendment Directions, 2026 on April 8, 2026 for seeking feedback from stakeholders. The draft Amendment Directions inter alia proposed to replace the seven broad themes with principle-based guidance, to enable the Boards to utilize their time effectively, and to facilitate a more focused and qualitative engagement on strategy and risk governance. The feedback received on the above draft Directions has been examined and the consequent modifications have been suitably incorporated in the final Amendment Directions. A statement on the feedback received is provided in Annex I. Accordingly, the Reserve Bank has issued the following Amendment Directions on July 14, 2026, which shall come into effect from October 1, 2026:

To read more, please click here.

RBI issues draft ‘Guidance on Regulatory Expectations for Data Governance’

The Reserve Bank of India released the draft ‘Guidance on Regulatory Expectations for Data Governance’ on July 15, 2026 for public comments. The draft Guidance is applicable to the following regulated entities:

i. Commercial Banks

ii. Small Finance Banks

iii. Payments Banks

iv. Local Area Banks

v. Regional Rural Banks

vi. Urban Co-operative Banks

vii. Rural Co-operative Banks

viii. All India Financial Institutions

ix. Non-Banking Financial Companies

x. Asset Reconstruction Companies

xi. Credit Information Companies

Comments on the draft Guidance have been invited from regulated entities, members of public and other stakeholders by August 17, 2026.

RBI issues Prudential Norms on Specified Non-Financial Asset acquired by Regulated Entities

The Reserve Bank of India had, on May 05, 2026, issued the Draft Directions on Prudential Norms on Specified Non-financial Assets (SNFA) Directions for stakeholder feedback. Feedback received on the draft Directions has been examined and consequent modifications, as deemed appropriate, have been suitably incorporated in the final Directions. A statement on the feedback received on the draft Directions is provided in the Annex. Accordingly, the Reserve Bank has issued the following amendment Directions on July 16, 2026

RBI issues Draft (Securitisation Transactions) Amendment Directions

In line with the objective to improve efficiency, liquidity and transparency in issuance and subsequent transfer of Securitisation Notes (SNs), RBI issued following draft Amendment Directions on July 27, 2026

II. Financial Inclusion Index for March 2026

The Reserve Bank of India had constructed a composite Financial Inclusion Index (FI-Index) in consultation with the concerned stakeholders including the Government, to capture the extent of financial inclusion across the country, which was first published in August 2021 for the FY ending March 2021. The Index for the year ending March 2026 has since been compiled. The value of FI-Index for March 2026 stands at 70.0 vis-à-vis 67.0 in March 2025, with growth witnessed across all sub-indices. Improvement in FI-Index, this year, is mainly on account of uptick in Usage, thereby reflecting deepening of financial inclusion.

for public comments:

a) Reserve Bank of India (Commercial Banks - Securitisation Transactions) Amendment Directions, 2026

b) Reserve Bank of India (Small Finance Banks - Securitisation Transactions) Amendment Directions, 2026

c) Reserve Bank of India (Non-Banking Financial Companies - Securitisation Transactions) Amendment Directions, 2026

d) Reserve Bank of India (All India Financial Institutions - Securitisation Transactions) Amendment Directions, 2026

The comments on the draft guidelines have been invited from public / stakeholders by August 27, 2026. The comments/ feedback may be submitted through the link under the ‘Connect2Regulate’ Section available on the Reserve Bank’s website. Comments may alternatively be forwarded to The Chief General Manager, Credit Risk Group, Department of Regulation, Central Office Reserve Bank of India. To read more, please click here.

RBI issues Basel Pillar 3 Disclosures for Banks

The Reserve Bank of India had, on May 19, 2026, issued the following Amendment Directions on Basel Pillar 3 disclosures for seeking feedback of the stakeholders, viz.:

Feedback received on the draft Amendment Directions has been examined and consequent modifications have been suitably incorporated in the final Amendment Directions. A statement on the feedback received for the draft Amendment Directions was also provided in the Annex to the directions. Accordingly, the Reserve Bank of India on July 30, 2026, issued the following ten Amendment Directions to revise the extant instructions applicable to banks:

The Basel Pillar 3 disclosure templates on market risk, operational risk, counterparty credit risk, credit valuation adjustment, and leverage ratio for commercial banks, shall be issued separately. Feedback received on these templates will be examined and suitably incorporated at the time of issuance of the respective templates for commercial banks. To read more, please click here.

RBI Issues Amendment Directions on Interest Rate on Deposits

The Reserve Bank, vide Press Release dated June 05, 2026, had issued the draft ';Reserve Bank of India (Interest Rate on Deposits) Amendment Directions, 2026, seeking comments/feedback from the regulated entities and members of public/other stakeholders on or before June 20, 2026. The draft Amendment Directions proposed to provide greater flexibility to banks for pricing their Rupee bulk deposits, while ensuring uniformity in disclosure of interest rates on deposits. Feedback received on the above draft Amendment Directions has been examined and the consequent modifications have been suitably incorporated in the final Amendment Directions. A statement on the feedback received on the aforementioned draft Amendment Directions is provided in the Annex. Accordingly, the Reserve Bank on July 30, 2026 issued the following Amendment Directions, which shall come into effect from October 01, 2026.

III. Supervision

Reserve Bank of India issues Consolidated Supervisory Directions

The Reserve Bank has constantly endeavoured to refine and strengthen its regulatory and supervisory framework with a view, inter alia, to rationalising the requirements and minimising compliance costs through periodic evaluation for their continued relevance. In this regard, the Department of Supervision had undertaken a comprehensive exercise to consolidate the existing universe of supervisory instructions into structured function-wise, entity-specific consolidated Master Directions. The exercise involved consolidation of 628 circulars (including Master Circulars and Master Directions) into 64 Master Directions covering up to nine functions across 11 types of regulated entities. The drafts of these 64 Master Directions and the list of circulars proposed to be repealed were placed on the website of the Reserve Bank for public comments regarding completeness and accuracy, vide press release dated April 8, 2026. The Reserve Bank received 767 comments from various stakeholders on the draft Master Directions. Suggestions outside the scope of the present consolidation exercise have not been considered but will be examined separately. The remaining comments for enhancing clarity and accuracy have been duly considered while finalising the consolidated Master Directions. To read more, please click here.

IV. Publications

RBI Bulletin - July 2026

The Reserve Bank released the July 2026 issue of its monthly Bulletin on July 22, 2026. The Bulletin includes two speeches, one article and current statistics. The article is on the State of the Economy.

State of the Economy

The global economy is continuing with the heightened uncertainties emanating from fragile geopolitics and supply chain pressures. The domestic economy has navigated the external uncertainties well, underpinned by healthy demand conditions and resilient performance of the industrial and services sector. Headline retail inflation inched up in June while core inflation, especially excluding precious metals remained low. Liquidity conditions improved further, supporting the ongoing robust credit growth. India’s external sector remains steady with improving outlook, aided by inflows of foreign investments. To read more, please click here.

RBI releases Handbook of Statistics on the Indian Economy 2025-26

The Reserve Bank of India released the 28th edition of its annual publication ‘Handbook of Statistics on the Indian Economy, 2025–26 (HBS)’ on July 31, 2026. Through this publication, the Reserve Bank disseminates detailed time-series data on the Indian economy. The Handbook provides statistical tables on macroeconomic and financial data, including national income, prices, money, banking, markets, public finances, foreign trade, the balance of payments, and select socio-economic indicators. In the current edition of the Handbook, in addition to the updation of the existing data series, four new tables have been incorporated.

The time series data on the Handbook and several other RBI publications are available on the Reserve Bank’s data portal, Database on Indian Economy (DBIE) (https://data.rbi.org.in). In addition, the HBS and other major publications of the Bank can be accessed through the RBIDATA mobile app. To read more, please click here.

V. Data Releases & Surveys

Important data and surveys released by the Reserve Bank during the month of July 2026 are as follows:

S/N	Title
1	Scheduled Banks’ Statement of Position in India as on July 15, 2026
2	Monthly Data on India’s International Trade in Services for the Month of June 2026
3	Lending and Deposit Rates of Scheduled Commercial Banks – July 2026
4	RBI launches the July 2026 round of the Rural Consumer Confidence Survey
5	RBI launches the July 2026 round of Urban Consumer Confidence Survey
6	RBI launches the July 2026 round of the Inflation Expectations Survey of Households
7	Launching of 115th Round of Quarterly Industrial Outlook Survey (IOS) - Q2:2026-27
8	Launching of 50th Round of Quarterly Services and Infrastructure Outlook Survey (SIOS) Q2:2026-27

Edited and published by Brij Raj for Reserve Bank of India, Department of Communication, Central Office, Shahid Bhagat Singh Marg, Mumbai - 400 001. MCIR can be also accessed at https://mcir.rbi.org.in.